Tokyo: Toyota, which until last year was recorded as the world's biggest carmaker, reported an operating loss of up to 32.6 billion yen, or about 425 million U.S. dollars in the first half of fiscal year. A stronger yen has reduced their income to 130 billion yen.
Toyota Motor Corp. tried to boost exports its products to South Korea, by sending out 6,000 units produced Camry sedan in Kentucky, USA. U.S. exports of this as one of the strategies for coping with a stronger yen against the won, which becomes prohibitive export of Toyota products are manufactured in Japan.
The first shipment will arrive in South Korea next month, Toyota said in a statement on Monday (5 / 12. Toyota Sienna minivan will start exporting manufactured in Indiana, to South Korea in November.
Export Camry and Sienna is also marking a new trade agreement, which would end the policy of South Korea's tariffs on U.S. made cars.
Camry is the third most popular imported cars in South Korea in 2010. Until this month, 17 Toyota and Lexus models sold in South Korea, all produced in Japan. The high number of U.S. sales of Toyota's product is a result of the weakening U.S. dollar against the won last year, while the yen continued to strengthen.
"Because the dollar-won exchange rate is more advantageous than the won-yen exchange rate, so that Japanese car manufacturers had to shift their production bases to the United States, which allows them to lower the price of their products in Korea," Christian said Yang, an analyst at consultancy IHS automotive.
